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Tradewinds Announces Another Indonesia Acquisition

(Houston, Texas) Tradewinds Oil and Gas International, Ltd., a Texas limited partnership managed by general partner Tradewinds Oil and Gas, Inc., a private Texas corporation, has announced it has acquired from Gulfstream Holdings Limited of Calgary, Alberta, Canada (Toronto GUR) all of the stock and assets of two wholly owned subsidiaries. Gulfstream Resources Ramok Senabing Limited is the owner of a 40% interest in a Technical Assistance Contract (TAC) covering the Ramok and Senabing oil fields in South Sumatra. Gulfstream Resources Sukatani Limited is the owner of a 40% interest in a TAC covering the Sukatani gas field in West Java. Purchase price was a total of $l.250 million.

The two South Sumatra fields, Ramok and Senabing, were discovered by the Dutch near the turn of the twentieth century. Senabing produced until 1931 and Ramok until 1942 when it was abandoned before the Japanese invasion of the South Pacific. There has been no production from the fields since those times. Sukatani, the West Java field, was discovered in 1982 and was not produced for lack of market.

“Sukatani Field should be able to be placed on production by early fourth quarter, 2000”, according to James E. Scott, III, President of Tradewinds. “Ramok and Senabing will probably take another three to six months”, Scott said.

Scott also said “the acquisition of these companies provides Tradewinds with another building block in Indonesia to add to three other acquisitions announced earlier this year. Tradewinds continues to strengthen its position in this dynamic, diverse nation”. Other countries and areas where Tradewinds is active include Egypt, China and West Africa. Through an affiliate, the company owns a 25% interest in the Gazwarina oil field operated by a unit of Marathon Oil Company in Egypt. Tradewinds also owns interests in two other fields in South Sumatra, which have combined production of almost 11,000 BOPD.

Tradewinds is focused on acquiring international undeveloped discoveries, underdeveloped fields, fields requiring rehabilitation and marginal fields that are below the economic threshold of larger companies. “We prefer producing properties with development, rehabilitation, improved oil recovery and enhancement opportunities as well as those with an exploration component. Exploration projects, where the financial and work commitments have been met, are also of interest. Both non-operated and operated properties will be considered for acquisition,” Scott said.